WhaleFin Weekly — The FTX Aftermath

Read about the most recent trends and updates in the crypto industry.

The turmoil provoked by FTX’s insolvency and liquidity issues has shaken the industry to its core. We feel the need to clarify that it’s business as usual at WhaleFin and Amber, and here we explain why.

What Happened to FTX? Part 2

  • FTX Exchange stated on Friday that it had filed for bankruptcy in the United States.
  • Its CEO, Sam Bankman-Fried (SBF), resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.
  • FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition.
  • Taking the helm in his place is John J. Ray III, the lawyer who oversaw the liquidation of Enron.

Source: The Defiant

  • Trading volume on Coinbase plunged roughly 75% in the hours following FTX’s bankruptcy announcement early Friday (Nomics).
  • This is a sign that the company is beginning to feel the pain of a shrinking user base due to the increasingly volatile cryptocurrency market.

Source: Yahoo Finance

  • The Prosecutor General of the Russian Federation Igor Krasnov and the Turkish Minister of Justice Bekir Bozdag have signed a new, two-year program for cooperation between their departments.

Source: Bitcoin News

  • Authors of legislation to increase federal oversight of crypto exchanges and underlying spot markets pledged to move forward on legislation in the wake of FTX’s shocking collapse.

Source: The Block

  • European Union lawmakers showed support for strict cybersecurity rules on crypto providers and other financial firms in a 556–18 vote.
  • The Digital Operational Resilience Act (DORA) is

“a cornerstone of our work on digital finance in the European Union, making sure that we support innovation and do it in a safe way,”

  • European Commissioner Mairead McGuinness said in a Wednesday night debate on the law.

“Protecting the financial system from cyber attacks and cyber fraud is vital.”

Source: CoinDesk

  • Due to the bankruptcy of FTX, a large number of sources of funds for the US Democratic Party were cut off.
  • SBF is the second largest donor after George Soros.
  • It is reported that SBF has supported a total of 25 American Democrats, and 18 of them have won so far.

Source: FT

  • VTB has become the first Russian bank to add the digital ruble to its mobile application.
  • The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials.

Source: Bitcoin News

  • California’s Department of Financial Protection and Innovation said Friday it was moving to suspend BlockFi’s lending license as the regulator investigates the crypto lender.
  • According to a DFPI press release, the move comes in response to BlockFi halting withdrawals.
  • The suspension will last for at least 30 days, DFPI said.

Source: CoinDesk

  • The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was officially launched on Nov 8 in the Abu Dhabi Global Market (ADGM), a free economic zone based in the center of the city subject to its own set of civil and commercial laws.
  • The zone was designed to further the growth of fintech companies in the United Arab Emirates (UAE).

Source: Cointelegraph

  • Serum, the widely used liquidity hub on Solana, may have been compromised.
  • Solana developers are forking its code to create a new Serum for ecosystem apps.

Source: The Block

  • Wrapped tokens on Solana are no longer redeemable after issuers FTX and Alameda Research filed for Chapter 11 bankruptcy protection.
  • Sollet-wrapped bitcoins are trading at a 77% discount.

Source:

  • DeFi app Shell Protocol announced a future airdrop of $SHELL governance tokens to protocol users.
  • The community will decide the nature of this airdrop through a series of governance votes.

Source: Token Insight

  • FIFA Unveils Range of Web 3.0 Games Ahead of FIFA World Cup Qatar 2022 ™
  • Cool Cats, Animoca Brands, and OneFootball Labs Collaborate on Football-Themed Spin-Off Series Cool Cats FC
  • Lionel Messi Takes Stake in NFT Fantasy Soccer Game Sorare
  • International Food Giant Launches New Boba Man NFT

Check out our WhaleFin NFT Marketplace here.

  • The overall cryptocurrency market faces risks of contagion as Sam Bankman-Fried’s FTX files for bankruptcy, according to Citi analyst Joseph Ayoub:

“I think there’s a serious risk of broader contagion to the ecosystem itself,”

“I think it’s unlikely that contagion spreads toward broader financial markets, and that’s mainly because the size of the crypto space, which is only around $830 billion in comparison to the $43 trillion US equity market.”

Source: Yahoo Finance

  • Former US Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation.
  • He said the regulatory community ought to draw two lessons from the collapse of FTX.

Source: News Bitcoin

  • CZ tweeted that Binance’s policy is not to publicly comment on competitors, and he has only broken this rule a few times in the past.
  • He also said that going forward, he will break this policy and express his views on industry issues more. According to his Twitter thread, this may cause more controversy, but is necessary to reduce the risks for market participants.

Source: Capital

  • The crumbling of crypto exchange FTX and its subsequent bankruptcy filing has brought a great deal of negative attention to the crypto industry.
  • However, that may be just the wake-up call U.S. lawmakers need, said Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC).

Source: Yahoo Finance

Weekly High

  • BTC: $ 20,883
  • ETH: $1,605

Weekly Low

  • BTC: $15,742
  • ETH: $1,095

WhaleFin, powered by Amber Group, is an all-in-one digital asset platform designed to empower you to diversify, manage, and grow your wealth digitally in a secure manner. On WhaleFin, you can buy, sell, trade, and invest in crypto with ease.

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